Research

PIFS conducts research on policy issues impacting the global financial system. PIFS research has focused on issues such as US Treasury market liquidity, global equity market structure, the rise of cloud computing and, most recently, the regulation of crypto markets. 

Central Clearing and U.S. Treasuries

Central Clearing and U.S. Treasuries

In our third report in a series on enhancing the market structure for trading U.S. Treasuries and for repurchase agreements of U.S. Treasuries, we describe the Federal Reserve’s domestic standing Treasury repo facility (“SRF”). We conclude that expanding access to the SRF to allow any holder of Treasuries to borrow from the SRF would potentially further […]

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The E.U.’s Digital Operational Resilience Act: Cloud Services & Financial Companies

The E.U.’s Digital Operational Resilience Act: Cloud Services & Financial Companies

In September 2020, the European Commission released a proposed regulation on digital operational resilience for the financial sector (“DORA”). DORA aims to establish a detailed and comprehensive framework on digital operational resilience for financial entities in the European Union (“EU”). DORA includes provisions governing the management of risks associated with financial institutions’ outsourcing of technology

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